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Need Help!! I can't seem to figure out the Income Tax Expense!! Basic Income Statement The following are selected account balances of Rule Corporation at
Need Help!! I can't seem to figure out the Income Tax Expense!!
Basic Income Statement The following are selected account balances of Rule Corporation at the end of 2016: Debit Credit $3,800 Operating Expenses Sales Revenue $15,600 Cost of Goods Sold 8,300 Interest Expense 800 Gain on Sale of Land 500 Rule is subject to a 30% income tax rate, and shareholders own 800 shares of its capital stock. Required: Prepare a 2016 income statement for Rule. Round earnings per share computation to two decimal places. RULE CORPORATION Income Statement For the Year Ended December 31, 2016 Sales revenue 15,600 Cost of goods sold -8,300 Gross profit 7,300 Operating expenses -3,800 Income from operations 3,500 Other items: Interest expense 800 Gain on sale of land 500 1,300 Income before income taxes 2,200 Income tax expense Net income Earnings per shareStep by Step Solution
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